The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is nearing a potential turning point, with legal experts suggesting the SEC may soon drop its appeal. Ripple’s supporters, including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo and pro-XRP lawyers such as Bill Morgan, argue that it’s “very plausible” the SEC will end its appeal in the case, which could significantly benefit XRP’s future.
Legal Predictions: SEC’s Appeal Will Fade After Gensler’s Resignation
The SEC’s appeal centers on whether Ripple’s sale of XRP constitutes a violation of securities laws. However, following recent court decisions in favor of Ripple and its executives, legal experts are increasingly optimistic about the outcome for the crypto company. Chris Giancarlo, speaking to FOX Business, speculated that a change in SEC leadership could lead to the agency dropping its appeal entirely. He emphasized that the “new SEC” under a future chair will likely halt its pursuit of the case.
Pro-XRP lawyers, including Bill Morgan, Fred Rispoli, and Jeremy Hogan, are also confident that the appeals will be dismissed. Morgan further added that the political impetus to continue the appeal will diminish once SEC Chair Gary Gensler steps down on January 20, 2025. Gensler has been a central figure in the SEC’s stance against Ripple, but his departure could pave the way for a shift in the commission’s approach to crypto regulation.
“The political motive for continuing a near-hopeless appeal will largely disappear when its main internal SEC enabler Gary Gensler resigns,” Morgan noted in a post on November 29.
XRP Price Soars, Eyeing $2 Mark
The speculation surrounding the potential end of the SEC’s legal actions has had a direct impact on XRP’s price. The cryptocurrency surged 10% today, reaching $1.64, a new three-year high. The market sentiment surrounding XRP has grown increasingly bullish, particularly in light of legal victories and the ongoing changes within the SEC. Ripple’s legal team is also optimistic about the future, with Chief Legal Officer Stuart Alderoty expressing confidence in the regulatory shifts under a new administration.
XRP’s rally has been fueled by the broader political landscape, with pro-crypto figures gaining prominence in US politics. Following Donald Trump’s presidential run and the nomination of pro-crypto leaders to key positions, such as Paul Atkins for SEC Chairman, the cryptocurrency community anticipates a more favorable regulatory environment.
As Ripple’s legal battles near a conclusion, XRP’s trading volume has been steadily increasing, signaling growing investor confidence. The cryptocurrency is now eyeing the $2 mark, with many in the XRP Army hoping for continued price growth following Gensler’s anticipated exit.
Conclusion: A Game-Changer for XRP
If the SEC does indeed drop its appeal and Gensler steps down as expected, Ripple Labs may see a significant victory in the courts, setting a new precedent for crypto regulation. This would mark a pivotal moment for XRP, not only boosting its market value but also reshaping the regulatory landscape for the broader cryptocurrency industry.
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